Ameren (AEE) Q1 2025 earnings summary

Executive summary

• Q1 2025 diluted EPS was $1.07, up from adjusted $1.02 in Q1 2024, driven by infrastructure investments and higher Missouri retail sales due to colder weather.

• Net income attributable to common shareholders rose to $289 million from $261 million year-over-year.

• Strategic plan execution focuses on regulated infrastructure investment, regulatory enhancements, and operational optimization for customer and shareholder benefit.

• Missouri Senate Bill 4, effective August 2025, modifies regulatory frameworks, extends PISA, and supports new generation investments.

• Dividend increased 6% in Feb. 2025, marking the 12th consecutive annual increase, with payout ratio targeted at 55%–65% of annual EPS.

Financial highlights

• Operating revenues rose to $2.097 billion in Q1 2025 from $1.816 billion in Q1 2024, a 15% increase year-over-year.

• Q1 2025 adjusted diluted EPS was $1.07, compared to $1.02 in Q1 2024; GAAP EPS for Q1 2024 was $0.98, adjusted for a $0.04 charge.

• Over $1 billion of capital invested in Q1 2025 across electric, natural gas, and transmission infrastructure.

• Missouri PSC approved a $355 million annual revenue increase, with new rates effective June 1, 2025.

• Missouri's weather-normalized retail sales up 3% year-over-year for the trailing 12 months.

Outlook and guidance

• 2025 EPS guidance reaffirmed at $4.85–$5.05, with expectations to deliver at or above the midpoint, assuming normal weather post-March 2025.

• Long-term EPS growth expected at 6–8% CAGR (2025–2029), with rate base CAGR of 9.2% (2024–2029), supported by a $63B+ infrastructure investment pipeline through 2034.

• Missouri sales growth projected at 5.5% CAGR through 2029, primarily from data center demand.

• Ameren plans to issue about $600 million in equity annually through 2029, including ATM program settlements.

• Ameren Missouri anticipates a $100 million year-over-year earnings increase in 2025 from the recent $355 million electric rate order.